KB Home in talks to sell Kaufman & Broad stake for $800 mln

LONDON (MarketWatch) -- KB Home
KBH, +3.15%
said it's in exclusive talks to sell its 49% stake in Kaufman & Broad
KOF, +3.02%
for over $800 million, or 55 euros a share in cash, to PAI Partners. KB Home had previously disclosed that it had received an offer. "After a thorough review of various strategic alternatives with respect to its French operations, which included conducting a competitive bidding process launched earlier this year, KB Home and its board of directors believe the proposed transaction would be in the best interest of its shareholders," it said. Shares of Kaufman & Broad tumbled 6.3% to 56.75 euros.

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